Earlier this month the Credit Suisse Global Wealth Report 2012 was unveiled, maintaining Australia at the top of the table for global median wealth and second only to Switzerland for average wealth.
Australia’s global median wealth, i.e. the midpoint between the richest adult to poorest was US$194,000. Compared to other countries, Australia has very few adults with a net worth less than $100,000 due to factors such as relatively low levels of credit card debt & student loan debt.

Our office has recently noticed a number of issues relating to death benefit nominations for superannuation. It is important to know that a superannuation member is unable to include directions in their Will in relation to the distribution of superannuation benefits and may only nominate a beneficiary or legal personal representative (LPR) to receive their superannuation benefits in the event of their death.